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tline3open  Question #8 - How to Sell Estate "Collectible Coins", Bullion Quickly??

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Author Topic:   Question #8 - How to Sell Estate "Collectible Coins", Bullion Quickly??
Lycoris

Posts: 30
Registered: Apr 2022

iconnumber posted 04-30-2022 10:24 PM     Click Here to See the Profile for Lycoris     Edit/Delete Message   Reply w/Quote
Dear Friends,

I need your help. My lifelong best friend recently lost her Daddy after a three-year battle with cancer, and her Mother is now in dire financial straights.

My friend is trying to sell her parents' surprisingly large collection of gold and silver "collectible coins" (Franklin Mint and the like *sigh*) and silver ounces to keep her mother afloat. She also has a few of the old silver US currency coins in very circulated condition which are likely worth only slightly more than face value.

What is the best way to do this? At a bank for the bullion? The "we buy gold" iffy jewelry shops? Online estate auctioneers (recommendations, pls!!)? Local pawnshops? Giant auction site as a private seller? Some specialty site for coins & bullion that I don't even know exists?

Should she go to the expense of having them all appraised (recommendations, pls!), or is there some reasonable way I can research the values independently for her so she doesn't get taken advantage of?

Thank you for any guidance, suggestions, recommendations, or any resources y'all may have to offer!

P.S. - Word to the wise: Please don't ever liquidate your retirement and life insurance to pay medical bills! That just leaves your loved ones (and you, if you recover) destitute. :-(

------------------
Lycoris >^..^<

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wev
Moderator

Posts: 4109
Registered: Apr 99

iconnumber posted 04-30-2022 10:34 PM     Click Here to See the Profile for wev     Edit/Delete Message   Reply w/Quote
Most of what you describe is just bulk metal. A more appropriate place for advice might be
https://forums.collectors.com/categories/u-s-coin-forum
where this sort of question comes up with some regularity.

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Lycoris

Posts: 30
Registered: Apr 2022

iconnumber posted 04-30-2022 11:08 PM     Click Here to See the Profile for Lycoris     Edit/Delete Message   Reply w/Quote
quote:
Originally posted by wev:
Most of what you describe is just bulk metal. A more appropriate place for advice might be
https://forums.collectors.com/categories/u-s-coin-forum
where this sort of question comes up with some regularity.

Thank you so much for the fast reply, and for the resource!

I've been getting my friend's Mother out from under some upside down real estate (one down this week; at least two more to go!), because I have a decade of experience in real estate, but I had no clue where to start on this part of the problem.

------------------
Lycoris >^..^<

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Kimo

Posts: 1621
Registered: Mar 2003

iconnumber posted 05-13-2022 12:30 AM     Click Here to See the Profile for Kimo     Edit/Delete Message   Reply w/Quote
WEV gives you good advice. Sadly, companies like Franklin Mint and all of the other "instant collectable, get rich quick" companies that have marketed "instant collectibles" of every kind including things made from precious metals were able to capture the imaginations of less than savvy investors with stories that their wares were limited editions and were investments that were likely to increase in value greatly over time. This is not the case and their things made of precious metals have basically just followed the melt value of the silver contained in them. US coins such as the silver eagles have done slightly better and command a small premium over their bullion value, but not all that much. Old siler coins that are in average condition are basically worth slightly above their bullion value. Old coins in exceptionally high quality collector grades that have been expertised as such have done better. Best of luck.

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Lycoris

Posts: 30
Registered: Apr 2022

iconnumber posted 05-13-2022 06:33 AM     Click Here to See the Profile for Lycoris     Edit/Delete Message   Reply w/Quote
quote:
Originally posted by Kimo:
Best of luck.

Thank you.

I was pretty sure that was the situation with the Franklin Mint stuff, although apparently there actually are at least a few people who actively collect the Franklin Mint stuff. I strongly suspect they're the same type of people who found Cabbage Patch Dolls actually "cute". (Urgh!)

I think I'll encourage her to treat it all like bullion and monitor the melt prices when she needs to sell some to maximize the income.

------------------
Lycoris >^..^<

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